Blog
Honoring Veterans and Grateful for a Reopened Government: A Short Guide to Veteran Tax Benefits
This blog discusses tax benefits for veterans.
The RMD Reset: How to Keep More of What You’ve Earned
equired Minimum Distributions, or RMDs, might not sound like a major financial event, but once you reach your 70s, they become a central part of your income strategy. These required withdrawals determine how much money leaves your retirement accounts each year—and how much goes to taxes.
Start With the End in Mind: Building a Retirement Plan That Works for You
Retirement isn’t just a finish line—it’s the next phase of your life. Starting early gives contractors the flexibility, freedom, and financial security they deserve. In this blog, I share why treating your business like an asset and planning your exit with purpose is key to building a lasting legacy at LRSCPA.com.
Retirement Isn’t a Deadline
Retirement isn’t about walking away — it’s about stepping into a new chapter with purpose. For business owners, designing a retirement plan ensures your next phase reflects your goals, whether that means slowing down, staying involved, or starting something new. Read my blog to learn why retirement planning is less about deadlines and more about making informed choices at LRSCPAs.com.
IRS Releases Tax Inflation Adjustments for Tax Year 2026, Including OBBBA Amendments
The IRS has issued its annual inflation updates for 2026, impacting more than 60 tax provisions — including tax brackets, standard deductions, and key thresholds. Revenue Procedure 2025-32 also highlights provisions tied to the One Big Beautiful Bill Act (OBBBA). These changes could impact both individuals and businesses, making it a wise decision to plan ahead now.
Plan Ahead: New Jersey Minimum Wage Set to Rise in 2026
New Jersey’s minimum wage will climb to $15.92 an hour on January 1, 2026 — with increases for seasonal, small business, and tipped employees as well. Even though it’s only October, now is the time for employers to prepare for the impact. Early planning can help ensure a smooth transition and stronger financial outcomes.
Tax Provisions in the One Big Beautiful Bill Act
The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, represents one of the most comprehensive overhauls of federal tax incentives in recent history. Designed to reshape the landscape for clean energy, manufacturing, and economic growth, the legislation introduces sweeping changes to dozens of tax credits, eliminating some, modifying others, and adding new compliance requirements. For businesses across industries, understanding OBBBA’s impact is essential to maintaining eligibility, optimizing tax strategies, and planning for the years ahead.
House Passes Sweeping Tax Bill: SALT Cap Expansion, TCJA Extensions, and Other Tax Provisions Head to Senate
On May 22, 2025, the House of Representatives passed H.R. 1, sending a broad tax and domestic policy package to the Senate for further consideration. While the bill represents a significant step in advancing President Trump’s proposed agenda, none of its provisions are currently law, and the final version remains subject to change.
Trump’s Tax Proposal: What It Means for Businesses and Individuals
As of May 21, 2025, President Trump’s proposed tax legislation remains under active debate and revision. Introduced as part of a broader budget reconciliation package, the proposal seeks to extend or expand key provisions from the Tax Cuts and Jobs Act (TCJA) while...
Treasury Suspends Penalties and FinCEN Delays BOI Reporting Deadline
On March 2, 2025, the U.S. Treasury Department announced that it would not impose penalties for failing to comply with the reporting requirement for the beneficial ownership information (BOI) under the Corporate Transparency Act (CTA). Along with suspending fines tied...